It takes a lot of hard work and can be challenging for clubs or non-profit organisations to keep track of their financial reports especially if they are already involved in the daily administration of their organisation. They would often rely on volunteers to manage their finances but choosing the right bookkeeping firm can actually make the process smoother and allow for greater transparency.
Clubs are similar to businesses in many ways and they should also adopt best practices in terms of finances. It’s important to ensure the organisation’s viability as it directly affects its future, staff and volunteers. Bookkeeping for clubs is highly regulated just like for any other business; laws and regulations differ from state to state.
Your accounting and bookkeeping firm should be able to manage your organisation’s finances, comply with specific and general tax requirements, save you time on data entry and banking, set up, track and keep budgets and invoice members using online invoicing services. The firm will keep your data in a cloud-based location, collaborate with your organisation’s chairperson, president, secretary or treasurer and generate necessary reports.
You can outsource your bookkeeping and accounting to a firm that’s experienced and well-versed in bookkeeping for clubs. Choose a reputable, reliable and hardworking bookkeeper who can add value to your organisation. You may save a small amount of money if you do your own bookkeeping but hiring a professional bookkeeper can save you more money in the long run. It can prove to be more time-consuming and difficult than it may first appear; an inexperienced person will likely struggle with bookkeeping tasks.
By hiring a professional bookkeeper for clubs, you will avoid calculation errors, including missing sub totals and incorrect yearly informational statements. You will also avoid reporting errors such as financial information that’s irrelevant to the registered organisation, among others. If you delegate this task to the experts, you will be able focus on the club without worrying about compliance and financial obligations.
Click here to speak to club bookkeepers. We would love to help you streamline your processes to take your organisation to the next level. Our goal is to help you operate your organization and find ways to increase your productivity.